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Tag Archives: Featured

Why ‘Stimulus’ Doesn’t Stimulate

Reprinted from the Independent Institute President Obama has asked Congress for an additional $50 billion in “stimulus” money to finance infrastructure projects. The theory is that the additional spending will cause businesses to boost production to meet this demand. Producers will add jobs, triggering increases in consumer spending that will ripple through the economy and fuel a stronger overall recovery. Unfortunately, however, such government pump-priming hasn’t worked in the past, and...

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Friedrich August von Hayek Part 1

Reprinted from Auburn.edu I. Introduction Friedrich August von Hayek (1899- ), a central figure in twentieth-century economics and foremost representative of the Austrian tradition, 1974 Nobel laureate in Economics, a prolific author not only in the field of economics but also in the fields of political philosophy, psychology, and epistemology, was born in Vienna, Austria on May 8, 1899. Following military service as an artillery officer in World War I, Hayek entered the University of Vienna,...

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Tough Choices: Peg or Banking Crisis?

During the reign of the mighty petro-dollar standard, it was necessary for major oil exporters to recycle their dollar holdings back into the dollar-based financial system to maintain their self-imposed exchange rate pegs. US government bonds are the very centrepiece of this elaborate system and it is thus no surprise to see the dollar price correlate well with overall OPEC TSY holdings. In other words, when oil prices were high, oil exporters amassed a capital surplus that were...

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Carl Menger and the Austrian School of Economics

[This article, written on the occasion of a memorial to Carl Menger, first appeared in Neue Freie Presse (Vienna), January 29 /30, 1929. Reprinted from FEE.org] On the day when the memorial to Carl Menger is to be unveiled in the courtyard of the University of Vienna, it seems appropriate to take a look at the work accomplished by Menger, founder of the “Austrian School of Economics.” This is by no means merely a posthumous trib­ute to persons who are dead and gone. Even though...

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OPEC’s Game within a Game

The fact OPEC just agreed to agree on nothing in Vienna isn’t particularly surprising given Doha wounds are still festering from the last attempt at ‘petro-diplomacy’. But the engagement ultimately has to been knocked up as a partial success for Saudi Arabia, where it’s managed to put itself back at the centre of cartel politics by thawing the ‘freeze discussion’ on Riyadh’s terms. Confused? Don’t be. As we flagged in OPEC Politics, Doha’s failure left a very dangerous door open for...

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Notes from ECB Press Conference

ECB press conference June 2 2016 Held in Vienna with Governor Nowotny Keep key ECB interest rates unchanged Will be kept at present or lower for an extended period of time, exceeding asset purchase program (80bn per month) which will end March 2017 sector program will start June 8 TLTRO start in June New measures will strengthen growth in euro area through credit expansion Very low inflation must not become entrenched in second round effects through effects on wages and prices. ECB will...

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F. A. Hayek: Prophet of the Modern World

This article appeared in The Washington Times on May 8, 1999. Reprinted from Cato.org On May 1, a handful of pathetic demonstrators celebrated May Day, the day of socialist solidarity, in Moscow and a few other cities around the world. It was a far cry from the great days of socialism. Socialism is dead. On May 8 there will be small and quiet celebrations around the world marking the 100th birthday of one of the men who buried socialism, F. A. Hayek. Although a distinguished scholar and a...

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Keynesian Economics and the “Market Test”

Reprinted from FEE.org When I was in graduate school, some professors insisted that Austrian economics “failed the market test” of academic economics.  Now one must consider that the “market test” is acceptance, so what they really were saying is that Austrian economics was not accepted because it was not accepted, which is not economic thought but rather circular logic. Nevertheless, many in the economics profession believe theories are true because other economists believe them. Another...

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The Conspiracy of the Equals

[This article is excerpted from An Austrian Perspective on the History of Economic Thought (1995), volume 2, chapter 9: “Roots of Marxism: Messianic Communism,” section 3, “The Conspiracy of the Equals.”] Reprinted from Mises.org Inspired by the works of Mably and especially Morelly, a young journalist from Picardy decided, amidst the turmoil of the French Revolution, to found a conspiratorial revolutionary organization to establish communism. Strategically, this was...

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Economics and Classical Music: It’s a Jungle

Reprinted from FEE.org Amazon’s quirky, sexy “Mozart in the Jungle” has been greenlighted for a third season, a testament to the benefit of many different platforms serving the unique tastes of TV viewers. It’s safe to say “Mozart” would never make it on network TV. The subject–the lifestyle of classical musicians–is a bit too esoteric for the palates of Americans not living in symphony cities. The series won two Golden Globes for Season 2, and, as Variety reports, “conductor character...

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